Canara Bank rose 0.83% to Rs 213.70 at 10:05 IST on BSE after the bank said that it has successfully raised Rs 3000 crore under BASEL-III compliant tier-II bonds with a coupon of 8.4% per annum.
The announcement was made before market hours today, 28 April 2016.Meanwhile, the S&P BSE Sensex was up 10.01 points or 0.04% at 26,071.38.
On BSE, so far 26,066 shares were traded in the counter as against average daily volume of 3.96 lakh shares in the past one quarter. The stock hit a high of Rs 214.50 and a low of Rs 211.75 so far during the day. The stock had hit a 52-week high of Rs 391.20 on 5 May 2015. The stock had hit a 52-week low of Rs 156.20 on 29 February 2016. The stock had outperformed the market over the past one month till 27 April 2016, gaining 10.91% compared with Sensex's 2.87% gains. The scrip had also outperformed the market in past one quarter, rising 11.58% as against Sensex's 6.42% gains.
The large-cap PSU bank has equity capital of Rs 542.99 crore. Face value per share is Rs 10.
Canara Bank said that as per the powers delegated by the board of directors of the bank, the Bond Committee had decided to raise Basel III compliant Tier -II bonds amounting to Rs 1000 crore with an option to retain oversubscription, at the sole discretion of the bank for an amount up to Rs 2000 crore on private placement basis. The issue was opened on 18 April 2016 and closed on 27 April 2016.
Canara Bank's net profit fell 87% to Rs 84.97 crore on 1.4% decline in total income to Rs 12050.63 crore in Q3 December 2015 over Q3 December 2014.
The Government of India held 66.3% stake in Canara Bank as per the shareholding pattern as on 31 March 2016.
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